4M: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
4M
Largest movements
- Tangible fixed assets -€24,295
down €24,295 (-5.9%), from €409,023 to €384,728
of which Land and buildings: -€29,686
- Receivables within one year -€9,882
down €9,882 (-21.1%), from €46,765 to €36,883
of which Other amounts receivable: -€20,196
- Debts after one year -€31,200
down €31,200 (-6.6%), from €474,794 to €443,594
- Other debts -€6,755
down €6,755 (-13.4%), from €50,355 to €43,600
- Accrued charges and deferred income +€5,650
up €5,650 (+404%), from €1,400 to €7,050
- Trade debts +€5,032
up €5,032 (+113%), from €4,456 to €9,487
- Gross operating margin +€7,337
up €7,337 (+12.4%), from €58,994 to €66,331
- Depreciation -€1,843
down €1,843 (-5.3%), from €34,813 to €32,970
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €495,625 | €463,743 | -€31,881 | -6.4% |
| Fixed assets | 21/28 | €432,509 | €407,540 | -€24,970 | -5.8% |
| Intangible fixed assets | 21 | €23,270 | €22,595 | -€675 | -2.9% |
| Tangible fixed assets | 22/27 | €409,023 | €384,728 | -€24,295 | -5.9% |
| Land and buildings | 22 | €405,886 | €376,200 | -€29,686 | -7.3% |
| Plant, machinery and equipment | 23 | €600 | €510 | -€90 | -15.0% |
| Furniture and vehicles | 24 | €2,537 | €8,018 | +€5,481 | +216% |
| Financial fixed assets | 28 | €216 | €216 | = | 0.0% |
| Current assets | 29/58 | €63,115 | €56,204 | -€6,912 | -11.0% |
| Amounts receivable within one year | 40/41 | €46,765 | €36,883 | -€9,882 | -21.1% |
| Trade receivables | 40 | €2,308 | €12,622 | +€10,314 | +447% |
| Other amounts receivable | 41 | €44,457 | €24,261 | -€20,196 | -45.4% |
| Cash at bank and in hand | 54/58 | €13,910 | €15,787 | +€1,877 | +13.5% |
| Deferred charges and accrued income | 490/1 | €2,440 | €3,533 | +€1,093 | +44.8% |
| Total equity and liabilities | 10/49 | €495,625 | €463,743 | -€31,881 | -6.4% |
| Equity | 10/15 | -€72,337 | -€75,514 | -€3,176 | -4.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,337 | -€115,514 | -€3,176 | -2.8% |
| Amounts payable | 17/49 | €567,962 | €539,257 | -€28,705 | -5.1% |
| Amounts payable after more than one year | 17 | €474,794 | €443,594 | -€31,200 | -6.6% |
| Financial debts | 170/4 | €474,794 | €443,594 | -€31,200 | -6.6% |
| Amounts payable within one year | 42/48 | €91,768 | €88,613 | -€3,155 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €30,748 | €31,200 | +€452 | +1.5% |
| Trade debts | 44 | €4,456 | €9,487 | +€5,032 | +113% |
| Suppliers | 440/4 | €4,456 | €9,487 | +€5,032 | +113% |
| Taxes, remuneration and social security | 45 | €6,209 | €4,326 | -€1,884 | -30.3% |
| Remuneration and social security | 454/9 | €6,209 | €4,326 | -€1,884 | -30.3% |
| Other amounts payable | 47/48 | €50,355 | €43,600 | -€6,755 | -13.4% |
| Accrued charges and deferred income | 492/3 | €1,400 | €7,050 | +€5,650 | +404% |
| Remuneration, social security and pensions | 62 | €28,397 | €28,674 | +€277 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,813 | €32,970 | -€1,843 | -5.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €58,994 | €66,331 | +€7,337 | +12.4% |
| Operating profit (loss) | 9901 | -€4,603 | €4,287 | +€8,890 | |
| Financial income | 75/76B | €1 | €2 | +€1 | +217% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +217% |
| Financial charges | 65/66B | €7,944 | €7,466 | -€479 | -6.0% |
| Recurring financial charges | 65 | €7,944 | €7,466 | -€479 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,547 | -€3,176 | +€9,370 | +74.7% |
| Profit (loss) for the period | 9904 | -€12,547 | -€3,176 | +€9,370 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,547 | -€3,176 | +€9,370 | +74.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.